Expediting the Pharmaceutical Market Research Process for Faster Insights

CHAPEL HILL, N.C., Aug. 28, 2015 /PRNewswire/ -- Delays in the launch and execution of critical market research projects can slow down the decision-making process, resulting in missed opportunities and increased costs. It is, therefore, absolutely critical for biopharmaceutical companies to develop a tactical approach to expedite the market research approval process for quicker and more meaningful insights.

According to recent research by Best Practices, LLC, nearly three-quarters of benchmarked study participants use review cycle time as a metric for determining if the market research approval process is functioning at an acceptable level. One tip participants gave on how to control processes and to ensure high performance is to create checklists. Begin with checklists in pinch points that are most problematic, and then extend to entire process and operations.

The study engaged 22 executives from 21 leading pharmaceutical, biotech, and life sciences companies. Eleven companies responded on behalf of rare disease markets. In addition, forty percent of companies participated in deep-dive interviews about the drivers of operational excellence.

For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website at http://www.best-in-class.com/

ABOUT BEST PRACTICES, LLC Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.